From left: CBCS Macro-Prudential Policy and Financial Architecture Head Ryan Prince, Executive Director José Jardim, President Richard Doornbosch and Financial Stability Modelling and Research Specialist Sumaya Sinlae-Elhage.
PHILIPSBURG--If St Maarten formally requests interest in purchasing the Mullet Bay property, its request will have to be managed based on the court ruling in the Ennia saga, Central Bank for Curaçao and St Maarten (CBCS) Executive Director José Jardim said at a virtual CBCS press conference on Thursday.
He was responding to a question from “The Daily Herald”, which asked whether St. Maarten will get first preference to purchase the property when it goes on the market.
“Regarding the eventual sale of Mullet Bay, I figured it’s very important. We know that there is a preference eventually prevailing on St. Maarten although there is no official position actually from the government which has been communicated to the Central Bank, but in the hypothetical case that that preference is confirmed – that wish is confirmed in a decision that St. Maarten would like to acquire the property – what we should take into account is that as a Central Bank, we have a mandate, but also an obligation in executing the emergency regulation,” Jardim said at the press conference, which was called to discuss CBCS’ Financial Stability Report 2024.
“So, that means that we can take some decisions, but we need to – we are accountable for those decisions as well. So, that means that whenever any specific decisions [need to be made – Ed.], we need to make sure that that decision was to the benefit of the policy-holders of Ennia.
“That is why we are also being supported by a very broad legal team, which assesses all the decisions [so] that we make sure that whenever as a Central Bank we need to take a formal decision, that that position is complying with the legal framework and also complying with the court rulings, because the emergency regulation is imposed by a court ruling and with that court ruling the bank doesn’t only obtain a mandate, it also obtains an instruction from the court to act to the benefit of the policy-holder.
“So, all those aspects we need to take into account and that means that in the eventual case that a decision – a wish – is expressed formally to the Central Bank that the bank will need to manage that request or wish according to the court ruling.”
The issue of the sale of the Mullet Bay property hit the spotlight again recently after a notice of the Annual General Meeting of the shareholders of SunResorts Ltd. set for Wednesday, June 19, at 3:00pm, was published in the May 2023 edition of the National Gazette.
The meeting agenda includes the Status of Financial Statements 2016 up and including 2023; the main course of business and developments in 2023; future developments; and initiating the sale of Mullet Bay Property, which will be voted on.
Present at the CBCS press conference were CBCS Macro-Prudential Policy and Financial Architecture Head Ryan Prince, CBCS Executive Director José Jardim, CBCS President Richard Doornbosch and CBCS Financial Stability Modelling and Research Specialist Sumaya Sinlae-Elhage.
